What is the best way to cache single object within fixed timeout?

I'd use Guava's Suppliers.memoizeWithExpiration(Supplier delegate, long duration, TimeUnit unit)

public class JdkVersionService {

    @Inject
    private JdkVersionWebService jdkVersionWebService;

    // No need to check too often. Once a year will be good :) 
    private final Supplier<JdkVersion> latestJdkVersionCache
            = Suppliers.memoizeWithExpiration(jdkVersionSupplier(), 365, TimeUnit.DAYS);


    public JdkVersion getLatestJdkVersion() {
        return latestJdkVersionCache.get();
    }

    private Supplier<JdkVersion> jdkVersionSupplier() {
        return new Supplier<JdkVersion>() {
            public JdkVersion get() {
                return jdkVersionWebService.checkLatestJdkVersion();
            }
        };
    }
}

Update with JDK 8

Today, I would write this code differently, using JDK 8 method references and constructor injection for cleaner code:

import java.util.concurrent.TimeUnit;
import java.util.function.Supplier;

import javax.inject.Inject;

import org.springframework.stereotype.Service;

import com.google.common.base.Suppliers;

@Service
public class JdkVersionService {

    private final Supplier<JdkVersion> latestJdkVersionCache;

    @Inject
    public JdkVersionService(JdkVersionWebService jdkVersionWebService) {
        this.latestJdkVersionCache = Suppliers.memoizeWithExpiration(
                jdkVersionWebService::checkLatestJdkVersion,
                365, TimeUnit.DAYS
        );
    }

    public JdkVersion getLatestJdkVersion() {
        return latestJdkVersionCache.get();
    }
}